29 May , 2024 By : Debdeep Gupta
Sensex and Nifty extended their morning losses and fell 0.8 percent each at around noon on May 29 amid nervousness over election results. Barring Nifty Pharma and Nifty Media, the remaining 11 sectoral indices were down.
At 11:47 am, the Sensex was down 607 points or 0.8 percent at 74,562 and the Nifty was down 172 points at 22,715. About 1,441 shares advanced, 1,724 shares declined, and 109 shares remained unchanged.
The broader market saw a mixed trend with BSE Midcap falling 0.4 percent and BSE Smallcap gaining 0.1 percent.
India VIX recovered from losses and was up more than 2 percent at 24.8. "This stock market turbulence may persist until the election results are announced," said Shrey Jain, Founder & CEO, of SAS Online.
Sectoral Trend
IT, oil and gas, and financial services stocks dragged Nifty to below 22,750 level on May 29.
Nifty Bank and Nifty Private Bank were the worst hit among sectoral indices as they fell over 1 percent each during today's session.
Meanwhile, Nifty Pharma gained 0.2 percent, emerging as the top gainer amongst sectoral indices.
Fundamental View
"The nervousness in the market continues with uncertainty regarding the election results," said V K Vijayakumar, Chief Investment Strategist, at Geojit Financial Services. However, the continuous buying by DIIs can be interpreted as a reflection of the expectation of political stability after the election results, he said.
Vijayakumar said that retail and HNIs are in a wait-and-watch mode and the selling intensity of FIIs has slowed down recently.
Technical View
"As far as levels are concerned, 22,800-22,700 is likely to be seen as immediate support," said Sameet Chavan, Head Research, Technical and Derivative - Angel One. "On the flip side, 23,000 withholds a significant hurdle, followed by the lifetime high zone around 23,100," he said.
Key Nifty gainers
Hindalco, Adani Enterprises, Sun Pharma, Power Grid, Nestle
Key Nifty losers
Adani Enterprises, Adani Ports, Nestle, Hindalco, Sun Pharma
Key Sensex gainers
Sun Pharma, Power Grid, Nestle, ITC, Bharti Airtel
Key Sensex losers
ICICI Bank, UltraTech Cement, Bajaj Finserv, Axis Bank, HDFC Bank
Stock moves
Brigade Enterprises: Shares of the realty firm surged five percent after the real estate developer reported a 3x jump in net profit for the quarter ended March.
Indian Railway Catering and Tourism Corporation (IRCTC): Shares slumped nearly 5 percent 29 after the company's topline and bottom line for the fourth quarter missed Street estimates.
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